Increasing returns and all that: a view from trade
Behavioral Economics is the combination of psychology and economics that investigates what happens in markets in which some of the agents display human limitations and complications. We begin with a preliminary question about relevance. Does some combination of market forces, learning and evolution...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
NBER
2000
|
| Schriftenreihe: | NBER working paper series
7941 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Behavioral Economics is the combination of psychology and economics that investigates what happens in markets in which some of the agents display human limitations and complications. We begin with a preliminary question about relevance. Does some combination of market forces, learning and evolution render these human qualities irrelevant? No. Because of limits of arbitrage less than perfect agents survive and influence market outcomes. We then discuss three important ways in which humans deviate from the standard economic model. Bounded rationality reflects the limited cognitive abilities that constrain human problem solving. Bounded willpower captures the fact that people sometimes make choices that are not in their long-run interest. Bounded self-interest incorporates the comforting fact that humans are often willing to sacrifice their own interests to help others. We then illustrate how these concepts can be applied in two settings: finance and savings. Financial markets have greater arbitrage opportunities than other markets, so behavioral factors might be thought to be less important here, but we show that even here the limits of arbitrage create anomalies that the psychology of decision making helps explain. Since saving for retirement requires both complex calculations and willpower, behavioral factors are essential elements of any complete descriptive theory. |
| Beschreibung: | 46, [10] S. graph. Darst. 22 cm |
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| 520 | |a Behavioral Economics is the combination of psychology and economics that investigates what happens in markets in which some of the agents display human limitations and complications. We begin with a preliminary question about relevance. Does some combination of market forces, learning and evolution render these human qualities irrelevant? No. Because of limits of arbitrage less than perfect agents survive and influence market outcomes. We then discuss three important ways in which humans deviate from the standard economic model. Bounded rationality reflects the limited cognitive abilities that constrain human problem solving. Bounded willpower captures the fact that people sometimes make choices that are not in their long-run interest. Bounded self-interest incorporates the comforting fact that humans are often willing to sacrifice their own interests to help others. We then illustrate how these concepts can be applied in two settings: finance and savings. Financial markets have greater arbitrage opportunities than other markets, so behavioral factors might be thought to be less important here, but we show that even here the limits of arbitrage create anomalies that the psychology of decision making helps explain. Since saving for retirement requires both complex calculations and willpower, behavioral factors are essential elements of any complete descriptive theory. | ||
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Datensatz im Suchindex
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| id | DE-604.BV023589610 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:25Z |
| indexdate | 2024-07-09T21:25:07Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016904940 |
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| physical | 46, [10] S. graph. Darst. 22 cm |
| publishDate | 2000 |
| publishDateSearch | 2000 |
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| publisher | NBER |
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| series | NBER working paper series |
| series2 | NBER working paper series |
| spelling | Antweiler, Werner Verfasser (DE-588)171601580 aut Increasing returns and all that a view from trade Werner Antweiler ; Daniel Trefler Cambridge, Mass. NBER 2000 46, [10] S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier NBER working paper series 7941 Behavioral Economics is the combination of psychology and economics that investigates what happens in markets in which some of the agents display human limitations and complications. We begin with a preliminary question about relevance. Does some combination of market forces, learning and evolution render these human qualities irrelevant? No. Because of limits of arbitrage less than perfect agents survive and influence market outcomes. We then discuss three important ways in which humans deviate from the standard economic model. Bounded rationality reflects the limited cognitive abilities that constrain human problem solving. Bounded willpower captures the fact that people sometimes make choices that are not in their long-run interest. Bounded self-interest incorporates the comforting fact that humans are often willing to sacrifice their own interests to help others. We then illustrate how these concepts can be applied in two settings: finance and savings. Financial markets have greater arbitrage opportunities than other markets, so behavioral factors might be thought to be less important here, but we show that even here the limits of arbitrage create anomalies that the psychology of decision making helps explain. Since saving for retirement requires both complex calculations and willpower, behavioral factors are essential elements of any complete descriptive theory. Schätzung / Welt Skalenertrag / Außenwirtschaft / Allgemeines Gleichgewicht / Faktorproportionentheorem / Theorie Trefler, Daniel Verfasser (DE-588)124926444 aut Erscheint auch als Online-Ausgabe NBER working paper series 7941 (DE-604)BV002801238 7941 http://papers.nber.org/papers/w7941.pdf kostenfrei Volltext |
| spellingShingle | Antweiler, Werner Trefler, Daniel Increasing returns and all that a view from trade NBER working paper series Schätzung / Welt Skalenertrag / Außenwirtschaft / Allgemeines Gleichgewicht / Faktorproportionentheorem / Theorie |
| title | Increasing returns and all that a view from trade |
| title_auth | Increasing returns and all that a view from trade |
| title_exact_search | Increasing returns and all that a view from trade |
| title_exact_search_txtP | Increasing returns and all that a view from trade |
| title_full | Increasing returns and all that a view from trade Werner Antweiler ; Daniel Trefler |
| title_fullStr | Increasing returns and all that a view from trade Werner Antweiler ; Daniel Trefler |
| title_full_unstemmed | Increasing returns and all that a view from trade Werner Antweiler ; Daniel Trefler |
| title_short | Increasing returns and all that |
| title_sort | increasing returns and all that a view from trade |
| title_sub | a view from trade |
| topic | Schätzung / Welt Skalenertrag / Außenwirtschaft / Allgemeines Gleichgewicht / Faktorproportionentheorem / Theorie |
| topic_facet | Schätzung / Welt Skalenertrag / Außenwirtschaft / Allgemeines Gleichgewicht / Faktorproportionentheorem / Theorie |
| url | http://papers.nber.org/papers/w7941.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT antweilerwerner increasingreturnsandallthataviewfromtrade AT treflerdaniel increasingreturnsandallthataviewfromtrade |